# Сопутствующие статьи по теме Deleveraging

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Deleveraging", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Why Are Gold, U.S. Stocks, and Bitcoin All Falling?

Amid seemingly strong U.S. economic data, a broad-based sell-off hit global assets—from U.S. stocks and gold to commodities and cryptocurrencies—triggering market-wide panic. While surface-level factors like Middle East tensions and Trump’s comments on a weaker dollar contributed, the core issue lies deeper. The real driver appears to be a shift in market narrative and liquidity stress. The MAG7 tech stocks, which led the rally since May 2023, are facing skepticism over their high capital expenditures and stretched valuations. Meanwhile, banking system liquidity remains tight, with the spread between SOFR and IORB indicating strain, reducing the Fed’s flexibility for quantitative tightening. This has amplified a macro liquidity crunch, reminiscent of the March 2020 “312” crash, where investors dumped risk assets for cash. Unlike the May 2021 “519” crash—which was crypto-specific—this downturn is driven by systemic risk aversion and deleveraging. The AI investment theme is losing steam, and long-term bond yields are signaling concerns over fiscal sustainability. Cryptocurrencies, as high-risk assets, are among the first to be sold off. The current environment may present a recalibration opportunity, but survival depends on maintaining liquidity amid the volatility.

marsbit02/05 16:34

Why Are Gold, U.S. Stocks, and Bitcoin All Falling?

marsbit02/05 16:34

Ethereum: Can $2k support hold amid $771M ETH dump?

Ethereum's price has faced significant downward pressure, dropping to around $2,266 and extending a month-long bearish trend. Major holders, including Trend Research, Garrett Jin, and a Bitcoin OG whale, have collectively sold approximately $771 million worth of ETH to repay loans and avoid liquidation. This has led to increased exchange supply and selling pressure, pushing ETH below key technical indicators. If selling continues, ETH risks falling below the $2,000 support level, with the next major support around $1,796. However, accumulation by entities like Bitmine, which purchased $46 million in ETH, may help absorb some selling pressure. A recovery above $2,656 is needed to reverse the bearish trend.

ambcrypto02/04 17:02

Ethereum: Can $2k support hold amid $771M ETH dump?

ambcrypto02/04 17:02

Research Perspective: The Bull Market Persists, The Agent Wave Has Arrived

The market experienced significant volatility, with a historical $2.5 billion liquidation event causing BTC to briefly drop below $75K. However, this is viewed not as the end of the bull market but as a structural adjustment driven by institutional deleveraging and macro risk-off sentiment. Key factors include macro events like potential U.S. government shutdowns and geopolitical developments, but the deeper driver is AGI (Artificial General Intelligence), which is expected to boost AI-related stocks and influence risk assets. Technologically, the launch of ERC-8004 and protocols like x402 enable trustless AI agent operations on-chain, with ecosystems like Base chain’s Claw-themed memes and projects such as Moltbook signaling the practical arrival of AI agent applications. The convergence between traditional tech (e.g., OpenAI, Anthropic) and crypto is accelerating, with agents enabling micro-trading, arbitrage, and social propagation at unprecedented speed. Despite recent sell-offs and exchange controversies (e.g., criticism targeting Binance), agent-related narratives and technologies are positioned to lead the next wave of market growth. The conclusion emphasizes long-term holding of technology-driven assets, identifying the agent trend as a major alpha opportunity.

marsbit02/03 11:10

Research Perspective: The Bull Market Persists, The Agent Wave Has Arrived

marsbit02/03 11:10

Bitcoin: Leverage unwinds as BTC slips 10% monthly -Stabilization ahead?

Bitcoin's recent 10% monthly decline reflects a recurring cycle of sharp advances followed by corrections, similar to patterns observed in 2014 and 2018. This weakness is attributed to tighter global liquidity, shifting ETF flows, and profit-taking rather than structural failure. Market deleveraging has accelerated, with over $5 billion in liquidations in four days—the largest since October 2025—accompanied by a significant drop in Open Interest from $47.5 billion to $24.4 billion. Historically, such resets in leverage and consolidation phases have preceded recoveries. While downside risk persists due to ongoing selling pressure, reduced leverage suggests growing fatigue among sellers, indicating potential stabilization ahead.

ambcrypto02/03 03:06

Bitcoin: Leverage unwinds as BTC slips 10% monthly -Stabilization ahead?

ambcrypto02/03 03:06

Bitcoin drops 16% in 5 days: Massive market stress ahead?

Bitcoin (BTC) experienced a sharp 16.8% decline in under five days after reaching a local high of $90.6k, reflecting intense selling pressure. Open Interest and speculative interest have been in decline since September 2025, indicating growing market uncertainty. The Estimated Leverage Ratio (ELR) rose significantly, suggesting increased leverage usage as BTC tested key support levels. Analysts described the situation as an "extreme deleveraging" event, with Open Interest falling rapidly. While a technical price bounce remains possible due to positive funding rates, a sustained recovery requires Open Interest to stabilize. The market is experiencing forced leverage compression and significant liquidations, pointing to high stress among leveraged traders.

ambcrypto02/02 13:02

Bitcoin drops 16% in 5 days: Massive market stress ahead?

ambcrypto02/02 13:02

Ethereum enters FTX-era stress: Is this structural deleveraging?

Ethereum experienced severe market stress reminiscent of the FTX era, driven by geopolitical tensions and forced deleveraging. Funding rates collapsed to extreme negative levels as ETH's price fell sharply toward $2,300, resulting in over $1.1 billion in ETH liquidations. Large holders, such as BitMine, faced near 40% unrealized losses with ETH trading far below its $3,800 acquisition cost. Both ETH and BTC reflected a synchronized market unwind, with price failing to hold above key resistance levels. Momentum indicators turned bearish, with support now tested near $2,400–$2,600. A break below could lead to further declines, while recovery depends on improved macro conditions and renewed institutional inflows.

ambcrypto02/01 23:01

Ethereum enters FTX-era stress: Is this structural deleveraging?

ambcrypto02/01 23:01

Binance says macro shock, not exchange failure, drove October’s $19B liquidation cascade

Binance has published a post-mortem of the 10 October 2025 flash crash, attributing the $19 billion liquidation wave to macroeconomic shocks—including trade-war concerns and rising bond yields—rather than exchange-specific failures. The report states that 75% of liquidations occurred before two minor technical issues on its platform, which had limited impact. Data shows multi-exchange liquidations, indicating a system-wide leverage unwind. Binance acknowledged temporary balance display errors and index price deviations but emphasized improvements to risk controls. The event underscored the vulnerability of highly leveraged crypto markets to macro shocks and the need for robust cross-venue safeguards.

ambcrypto01/30 22:53

Binance says macro shock, not exchange failure, drove October’s $19B liquidation cascade

ambcrypto01/30 22:53

Why Do Bitcoin and Ethereum Fall But Not Rise?

This article analyzes why Bitcoin (BTC) and Ethereum (ETH) have underperformed other risk assets like stocks and commodities recently, despite a generally bullish macro environment. The core argument is that the underperformance is not primarily a macro issue, but a result of the crypto market's own structural dynamics and its ongoing deleveraging cycle. Key reasons identified include: - The crypto market is in the late stages of a deleveraging process, which began with a sharp sell-off in October, wiping out highly-leveraged speculative capital (especially from retail traders) and making the market fragile and risk-averse. - A significant amount of retail capital has been diverted to other booming assets like AI-related stocks and precious metals, which are experiencing their own FOMO-driven rallies. - Crypto markets remain structurally isolated from traditional finance (TradFi), with barriers to capital flow between them. - The market is still dominated by retail traders and passive funds (like ETFs), making it susceptible to emotional narratives, market micro-structure manipulation, and high volatility amplified by the use of high leverage (10x-20x) by散户. This creates an environment where concentrated selling in low-liquidity hours can trigger cascading liquidations. - The author draws historical parallels to the deleveraging of China's A-share market in 2015 and compares ETH's current price action to Tesla's in 2024, suggesting both are in a prolonged consolidation phase after a bubble. The article concludes that labeling BTC and ETH purely as "risk assets" is an oversimplification. While they are volatile, they also possess safe-haven qualities. The current sensitivity to negative news and sluggish response to positive developments is a temporary structural phenomenon of the deleveraging cycle, not a failure of their long-term value proposition. Once deleveraging concludes and new capital returns, this dynamic is expected to change.

marsbit01/30 04:44

Why Do Bitcoin and Ethereum Fall But Not Rise?

marsbit01/30 04:44

Coinbase + Glassnode: Charting Crypto Q1 2026

Coinbase and Glassnode's Q1 2026 "Charting Crypto" report indicates that digital asset markets entered the year with cleaner structure, lower leverage, and more disciplined risk management following a significant deleveraging event in October 2025. Bitcoin continues to structurally outperform, with its dominance holding near 59%. Market sentiment remains cautious, with Net Unrealized Profit/Loss (NUPL) stabilizing in the "Anxiety" phase, suggesting a consolidation period. A key shift occurred in derivatives, where BTC options open interest has now surpassed perpetual futures, reflecting a move towards protective, defined-risk strategies rather than a full exit from risk. Ethereum is showing late-cycle characteristics, though traditional cycle-based signals are losing predictive power due to structural changes in its ecosystem. Institutional sentiment remains selectively constructive, with a preference for large-cap assets amid ongoing geopolitical uncertainty. The overall market behavior points to greater structural stability compared to previous cycles.

insights.glassnode01/27 15:35

Coinbase + Glassnode: Charting Crypto Q1 2026

insights.glassnode01/27 15:35

Bitcoin Charts Bullish Path Toward ATH, But Needs To Clear This Major Supply Cluster

Bitcoin's price surged close to $100,000, reigniting hopes for a new all-time high. However, a major supply cluster between $93,000 and $109,000, identified by Glassnode as a dense cost-basis zone, poses a significant resistance barrier. This area could trigger profit-taking or breakeven exits, requiring strong buying pressure to absorb the supply for a decisive breakout. Meanwhile, on-chain data shows deleveraging signals, with open interest dropping over 30% since October, indicating reduced speculation. Such phases have historically preceded major market bottoms. Currently trading around $96,247, Bitcoin faces a critical test near this supply zone to resume its bullish momentum.

bitcoinist01/16 00:32

Bitcoin Charts Bullish Path Toward ATH, But Needs To Clear This Major Supply Cluster

bitcoinist01/16 00:32

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